Annual report

Period2025-01-01 → 2025-12-31
Filed2026-03-27
StandardJapan GAAP
ConsolidatedYes
Data checks24 of 24 passed
Key figures · 144
MetricValuePeriodScopeSource row
Revenue¥8.5bn2025-01-01 → 2025-12-31Cons.Net sales
Revenue¥9.0bn2024-01-01 → 2024-12-31Cons.Net sales
Revenue¥8.2bn2023-01-01 → 2023-12-31vCons.Net sales (5-year summary)
Revenue¥9.9bn2022-01-01 → 2022-12-31vCons.Net sales (5-year summary)
Revenue¥8.6bn2021-01-01 → 2021-12-31dCons.Net sales (5-year summary)
Operating income−¥230m2025-01-01 → 2025-12-31Cons.Operating income
Operating income−¥16m2024-01-01 → 2024-12-31Cons.Operating income
Ordinary income−¥163m2025-01-01 → 2025-12-31Cons.Ordinary income
Ordinary income¥94m2024-01-01 → 2024-12-31Cons.Ordinary income
Ordinary income−¥668m2023-01-01 → 2023-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥645m2022-01-01 → 2022-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥426m2021-01-01 → 2021-12-31dCons.Ordinary income loss (5-year summary)
Profit before tax−¥2.7bn2025-01-01 → 2025-12-31Cons.Income before income taxes
Profit before tax¥458m2024-01-01 → 2024-12-31Cons.Income before income taxes
Net income (owners)−¥2.7bn2025-01-01 → 2025-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)¥398m2024-01-01 → 2024-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)−¥856m2023-01-01 → 2023-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥490m2022-01-01 → 2022-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥370m2021-01-01 → 2021-12-31dCons.Profit loss attributable to owners of parent (5-year summary)
Net income−¥2.7bn2025-01-01 → 2025-12-31Cons.Profit loss
Net income¥398m2024-01-01 → 2024-12-31Cons.Profit loss
Total assets¥13.9bnat 2025-12-31Cons.Assets
Total assets¥16.4bnat 2024-12-31Cons.Assets
Total assets¥16.2bnat 2023-12-31vCons.Total assets (5-year summary)
Total assets¥17.8bnat 2022-12-31vCons.Total assets (5-year summary)
Total assets¥16.2bnat 2021-12-31dCons.Total assets (5-year summary)
Total liabilities¥5.9bnat 2025-12-31Cons.Liabilities
Total liabilities¥5.9bnat 2024-12-31Cons.Liabilities
Net assets / equity¥8.0bnat 2025-12-31Cons.Net assets
Net assets / equity¥10.6bnat 2024-12-31Cons.Net assets
Net assets / equity¥10.3bnat 2023-12-31vCons.Net assets
Net assets / equity¥11.1bnat 2022-12-31vCons.Net assets (5-year summary)
Net assets / equity¥10.5bnat 2021-12-31dCons.Net assets (5-year summary)
Cash and deposits¥2.5bnat 2025-12-31Cons.Cash and deposits
Cash and deposits¥2.9bnat 2024-12-31Cons.Cash and deposits
Cash & equivalents¥2.5bnat 2025-12-31Cons.Cash and cash equivalents
Cash & equivalents¥2.9bnat 2024-12-31Cons.Cash and cash equivalents
Cash & equivalents¥3.2bnat 2023-12-31vCons.Cash and cash equivalents
Cash & equivalents¥4.3bnat 2022-12-31vCons.Cash and cash equivalents (5-year summary)
Cash & equivalents¥4.3bnat 2021-12-31dCons.Cash and cash equivalents (5-year summary)
Operating cash flow¥102m2025-01-01 → 2025-12-31Cons.Net cash provided by used in operating activities
Operating cash flow¥300m2024-01-01 → 2024-12-31Cons.Net cash provided by used in operating activities
Operating cash flow−¥47m2023-01-01 → 2023-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥707m2022-01-01 → 2022-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥899m2021-01-01 → 2021-12-31dCons.Net cash provided by used in operating activities (5-year summary)
Investing cash flow−¥533m2025-01-01 → 2025-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥249m2024-01-01 → 2024-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥779m2023-01-01 → 2023-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥988m2022-01-01 → 2022-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥728m2021-01-01 → 2021-12-31dCons.Net cash provided by used in investing activities (5-year summary)
Financing cash flow¥60m2025-01-01 → 2025-12-31Cons.Net cash provided by used in financing activities
Financing cash flow−¥422m2024-01-01 → 2024-12-31Cons.Net cash provided by used in financing activities
Financing cash flow−¥267m2023-01-01 → 2023-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow¥41m2022-01-01 → 2022-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow−¥451m2021-01-01 → 2021-12-31dCons.Net cash provided by used in financing activities (5-year summary)
EPS (basic)¥-1,764.632025-01-01 → 2025-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥259.862024-01-01 → 2024-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-559.42023-01-01 → 2023-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥320.412022-01-01 → 2022-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥241.462021-01-01 → 2021-12-31dCons.Basic earnings loss per share (5-year summary)
Net assets per share¥5,205.69at 2025-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥6,902.78at 2024-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥6,757.53at 2023-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥7,275.13at 2022-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥6,845.4at 2021-12-31dCons.Net assets per share (5-year summary)
Equity ratio57.4%at 2025-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio64.3%at 2024-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio64.0%at 2023-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio62.5%at 2022-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio64.6%at 2021-12-31dCons.Equity to asset ratio (5-year summary)
ROE3.8%2024-01-01 → 2024-12-31Cons.Rate of return on equity (5-year summary)
ROE4.5%2022-01-01 → 2022-12-31vCons.Rate of return on equity (5-year summary)
ROE3.6%2021-01-01 → 2021-12-31dCons.Rate of return on equity (5-year summary)
Employees551at 2025-12-31Cons.Number of employees
Employees583at 2024-12-31Cons.Number of employees
Employees611at 2023-12-31vCons.Number of employees
Employees622at 2022-12-31vCons.Number of employees
Employees628at 2021-12-31dCons.Number of employees
Revenue¥7.9bn2025-01-01 → 2025-12-31StandaloneNet sales
Revenue¥8.7bn2024-01-01 → 2024-12-31StandaloneNet sales
Revenue¥7.4bn2023-01-01 → 2023-12-31vStandaloneNet sales (5-year summary)
Revenue¥8.7bn2022-01-01 → 2022-12-31vStandaloneNet sales (5-year summary)
Revenue¥8.1bn2021-01-01 → 2021-12-31dStandaloneNet sales (5-year summary)
Operating income−¥329m2025-01-01 → 2025-12-31StandaloneOperating income
Operating income−¥74m2024-01-01 → 2024-12-31StandaloneOperating income
Ordinary income−¥197m2025-01-01 → 2025-12-31StandaloneOrdinary income
Ordinary income¥79m2024-01-01 → 2024-12-31StandaloneOrdinary income
Ordinary income−¥743m2023-01-01 → 2023-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥455m2022-01-01 → 2022-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥274m2021-01-01 → 2021-12-31dStandaloneOrdinary income loss (5-year summary)
Profit before tax−¥2.6bn2025-01-01 → 2025-12-31StandaloneIncome before income taxes
Profit before tax¥442m2024-01-01 → 2024-12-31StandaloneIncome before income taxes
Net income−¥2.7bn2025-01-01 → 2025-12-31StandaloneProfit loss
Net income¥386m2024-01-01 → 2024-12-31StandaloneProfit loss
Net income−¥895m2023-01-01 → 2023-12-31vStandaloneNet income loss (5-year summary)
Net income¥358m2022-01-01 → 2022-12-31vStandaloneNet income loss (5-year summary)
Net income¥241m2021-01-01 → 2021-12-31dStandaloneNet income loss (5-year summary)
Total assets¥12.6bnat 2025-12-31StandaloneAssets
Total assets¥15.4bnat 2024-12-31StandaloneAssets
Total assets¥15.0bnat 2023-12-31vStandaloneTotal assets (5-year summary)
Total assets¥16.5bnat 2022-12-31vStandaloneTotal assets (5-year summary)
Total assets¥15.4bnat 2021-12-31dStandaloneTotal assets (5-year summary)
Total liabilities¥5.7bnat 2025-12-31StandaloneLiabilities
Total liabilities¥5.8bnat 2024-12-31StandaloneLiabilities
Net assets / equity¥6.9bnat 2025-12-31StandaloneNet assets
Net assets / equity¥9.6bnat 2024-12-31StandaloneNet assets
Net assets / equity¥9.3bnat 2023-12-31vStandaloneNet assets
Net assets / equity¥10.1bnat 2022-12-31vStandaloneNet assets (5-year summary)
Net assets / equity¥9.9bnat 2021-12-31dStandaloneNet assets (5-year summary)
Cash and deposits¥1.6bnat 2025-12-31StandaloneCash and deposits
Cash and deposits¥1.8bnat 2024-12-31StandaloneCash and deposits
EPS (basic)¥-1,747.182025-01-01 → 2025-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥252.472024-01-01 → 2024-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-584.722023-01-01 → 2023-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥233.92022-01-01 → 2022-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥157.492021-01-01 → 2021-12-31dStandaloneBasic earnings loss per share (5-year summary)
Dividend per share¥402025-01-01 → 2025-12-31StandaloneDividend paid per share (5-year summary)
Dividend per share¥782024-01-01 → 2024-12-31StandaloneDividend paid per share (5-year summary)
Dividend per share¥402023-01-01 → 2023-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥972022-01-01 → 2022-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥652021-01-01 → 2021-12-31dStandaloneDividend paid per share (5-year summary)
Net assets per share¥4,499.29at 2025-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥6,241.68at 2024-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥6,051.34at 2023-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥6,619.88at 2022-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥6,450.12at 2021-12-31dStandaloneNet assets per share (5-year summary)
Equity ratio54.5%at 2025-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio62.2%at 2024-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio61.8%at 2023-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio61.3%at 2022-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio64.1%at 2021-12-31dStandaloneEquity to asset ratio (5-year summary)
ROE4.1%2024-01-01 → 2024-12-31StandaloneRate of return on equity (5-year summary)
ROE3.6%2022-01-01 → 2022-12-31vStandaloneRate of return on equity (5-year summary)
ROE2.5%2021-01-01 → 2021-12-31dStandaloneRate of return on equity (5-year summary)
Shares issued1,789,000at 2025-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued1,789,000at 2024-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued1,789,000at 2023-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued1,789,000at 2022-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued1,789,000at 2021-12-31dStandaloneTotal number of issued shares (5-year summary)
Employees247at 2025-12-31StandaloneNumber of employees
Employees262at 2024-12-31StandaloneNumber of employees
Employees272at 2023-12-31vStandaloneNumber of employees
Employees272at 2022-12-31vStandaloneNumber of employees
Employees269at 2021-12-31dStandaloneNumber of employees

Periods use the dates stated in the filing. d = earlier-year period dated by calendar; v = that date confirmed by the company's own earlier filing.

Segments · 43
SegmentItemPeriodValue
Reconciling Itemsreconcilingrevenue2025-01-01 → 2025-12-31−¥727,000
Reconciling Itemsreconcilingrevenue intersegment2025-01-01 → 2025-12-31−¥727,000
Reconciling Itemsreconcilingsegment assetsat 2025-12-31−¥65,000
Character Printing Recording Media And Office Consumables Related Businessreportable segmentcapex2025-01-01 → 2025-12-31¥972m
Character Printing Recording Media And Office Consumables Related Businessreportable segmentdepreciation2025-01-01 → 2025-12-31¥616m
Character Printing Recording Media And Office Consumables Related Businessreportable segmentemployeesat 2025-12-31361 pure
Character Printing Recording Media And Office Consumables Related Businessreportable segmentrevenue2025-01-01 → 2025-12-31¥8.0bn
Character Printing Recording Media And Office Consumables Related Businessreportable segmentrevenue external2025-01-01 → 2025-12-31¥8.0bn
Character Printing Recording Media And Office Consumables Related Businessreportable segmentsegment assetsat 2025-12-31¥13.2bn
Plastic Molding Businessreportable segmentcapex2025-01-01 → 2025-12-31¥4m
Plastic Molding Businessreportable segmentdepreciation2025-01-01 → 2025-12-31¥50m
Plastic Molding Businessreportable segmentemployeesat 2025-12-31190 pure
Plastic Molding Businessreportable segmentrevenue2025-01-01 → 2025-12-31¥437m
Plastic Molding Businessreportable segmentrevenue external2025-01-01 → 2025-12-31¥436m
Plastic Molding Businessreportable segmentrevenue intersegment2025-01-01 → 2025-12-31¥727,000
Plastic Molding Businessreportable segmentsegment assetsat 2025-12-31¥716m
—segment totalcapex2025-01-01 → 2025-12-31¥975m
—segment totaldepreciation2025-01-01 → 2025-12-31¥667m
—segment totalrevenue2025-01-01 → 2025-12-31¥8.5bn
—segment totalrevenue external2025-01-01 → 2025-12-31¥8.5bn
—segment totalrevenue intersegment2025-01-01 → 2025-12-31¥727,000
—segment totalsegment assetsat 2025-12-31¥13.9bn
Reconciling Itemsreconcilingrevenue2024-01-01 → 2024-12-31−¥512,000
Reconciling Itemsreconcilingrevenue intersegment2024-01-01 → 2024-12-31−¥512,000
Reconciling Itemsreconcilingsegment assetsat 2024-12-31¥1m
Character Printing Recording Media And Office Consumables Related Businessreportable segmentcapex2024-01-01 → 2024-12-31¥784m
Character Printing Recording Media And Office Consumables Related Businessreportable segmentdepreciation2024-01-01 → 2024-12-31¥593m
Character Printing Recording Media And Office Consumables Related Businessreportable segmentrevenue2024-01-01 → 2024-12-31¥8.6bn
Character Printing Recording Media And Office Consumables Related Businessreportable segmentrevenue external2024-01-01 → 2024-12-31¥8.6bn
Character Printing Recording Media And Office Consumables Related Businessreportable segmentsegment assetsat 2024-12-31¥15.8bn
Plastic Molding Businessreportable segmentcapex2024-01-01 → 2024-12-31¥10m
Plastic Molding Businessreportable segmentdepreciation2024-01-01 → 2024-12-31¥60m
Plastic Molding Businessreportable segmentrevenue2024-01-01 → 2024-12-31¥368m
Plastic Molding Businessreportable segmentrevenue external2024-01-01 → 2024-12-31¥368m
Plastic Molding Businessreportable segmentrevenue intersegment2024-01-01 → 2024-12-31¥512,000
Plastic Molding Businessreportable segmentsegment assetsat 2024-12-31¥646m
—segment totalcapex2024-01-01 → 2024-12-31¥793m
—segment totaldepreciation2024-01-01 → 2024-12-31¥653m
—segment totalrevenue2024-01-01 → 2024-12-31¥9.0bn
—segment totalrevenue external2024-01-01 → 2024-12-31¥9.0bn
—segment totalrevenue intersegment2024-01-01 → 2024-12-31¥512,000
—segment totalsegment assetsat 2024-12-31¥16.4bn
Character Printing Recording Media And Office Consumables Related Businessreportable segmentemployeesat 2025-12-31247 pure

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,569
ItemContextValueUnit
Net assets per share (5-year summary)Prior2YearInstant_NonConsolidatedMember6051.34
Net assets per share (5-year summary)Prior1YearInstant_NonConsolidatedMember6241.68
Net assets per share (5-year summary)CurrentYearInstant_NonConsolidatedMember4499.29
Dividend paid per share (5-year summary)Prior4YearDuration_NonConsolidatedMember65.00
Dividend paid per share (5-year summary)Prior3YearDuration_NonConsolidatedMember97.00
Dividend paid per share (5-year summary)Prior2YearDuration_NonConsolidatedMember40.00
Dividend paid per share (5-year summary)Prior1YearDuration_NonConsolidatedMember78.00
Dividend paid per share (5-year summary)CurrentYearDuration_NonConsolidatedMember40.00
Interim dividend paid per share (5-year summary)Prior4YearDuration_NonConsolidatedMember-
Interim dividend paid per share (5-year summary)Prior3YearDuration_NonConsolidatedMember-
Interim dividend paid per share (5-year summary)Prior2YearDuration_NonConsolidatedMember-
Interim dividend paid per share (5-year summary)Prior1YearDuration_NonConsolidatedMember-
Interim dividend paid per share (5-year summary)CurrentYearDuration_NonConsolidatedMember-
Basic earnings loss per share (5-year summary)Prior4YearDuration_NonConsolidatedMember157.49
Basic earnings loss per share (5-year summary)Prior3YearDuration_NonConsolidatedMember233.90
Basic earnings loss per share (5-year summary)Prior2YearDuration_NonConsolidatedMember-584.72
Basic earnings loss per share (5-year summary)Prior1YearDuration_NonConsolidatedMember252.47
Basic earnings loss per share (5-year summary)CurrentYearDuration_NonConsolidatedMember-1747.18
Diluted earnings per share (5-year summary)Prior4YearDuration_NonConsolidatedMember-
Diluted earnings per share (5-year summary)Prior3YearDuration_NonConsolidatedMember-
Diluted earnings per share (5-year summary)Prior2YearDuration_NonConsolidatedMember-
Diluted earnings per share (5-year summary)Prior1YearDuration_NonConsolidatedMember-
Diluted earnings per share (5-year summary)CurrentYearDuration_NonConsolidatedMember-
Equity to asset ratio (5-year summary)Prior4YearInstant_NonConsolidatedMember0.641
Equity to asset ratio (5-year summary)Prior3YearInstant_NonConsolidatedMember0.613
Equity to asset ratio (5-year summary)Prior2YearInstant_NonConsolidatedMember0.618
Equity to asset ratio (5-year summary)Prior1YearInstant_NonConsolidatedMember0.622
Equity to asset ratio (5-year summary)CurrentYearInstant_NonConsolidatedMember0.545
Rate of return on equity (5-year summary)Prior4YearDuration_NonConsolidatedMember0.025
Rate of return on equity (5-year summary)Prior3YearDuration_NonConsolidatedMember0.036
Rate of return on equity (5-year summary)Prior2YearDuration_NonConsolidatedMember-
Rate of return on equity (5-year summary)Prior1YearDuration_NonConsolidatedMember0.041
Rate of return on equity (5-year summary)CurrentYearDuration_NonConsolidatedMember-
Price earnings ratio (5-year summary)Prior4YearDuration_NonConsolidatedMember11.1
Price earnings ratio (5-year summary)Prior3YearDuration_NonConsolidatedMember7.9
Price earnings ratio (5-year summary)Prior2YearDuration_NonConsolidatedMember-
Price earnings ratio (5-year summary)Prior1YearDuration_NonConsolidatedMember6.0
Price earnings ratio (5-year summary)CurrentYearDuration_NonConsolidatedMember-
Payout ratio (5-year summary)Prior4YearDuration_NonConsolidatedMember0.413
Payout ratio (5-year summary)Prior3YearDuration_NonConsolidatedMember0.415
Payout ratio (5-year summary)Prior2YearDuration_NonConsolidatedMember-
Payout ratio (5-year summary)Prior1YearDuration_NonConsolidatedMember0.309
Payout ratio (5-year summary)CurrentYearDuration_NonConsolidatedMember-
Number of employeesPrior4YearInstant_NonConsolidatedMember269
Number of employeesPrior3YearInstant_NonConsolidatedMember272
Number of employeesPrior2YearInstant_NonConsolidatedMember272
Number of employeesPrior1YearInstant_NonConsolidatedMember262
Number of employeesCurrentYearInstant_NonConsolidatedMember247
Average number of temporary workersPrior4YearInstant_NonConsolidatedMember52
Average number of temporary workersPrior3YearInstant_NonConsolidatedMember56

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 24 of 24 passed
balance sheet identityconsolidated 2024-12-31pass rounding
balance sheet identityconsolidated 2025-12-31pass
balance sheet identitynon_consolidated 2024-12-31pass rounding
balance sheet identitynon_consolidated 2025-12-31pass
dei present pass
period resolution pass
statement vs summary · net assetsconsolidated 2023-12-31pass
statement vs summary · net assetsconsolidated 2024-12-31pass
statement vs summary · net assetsconsolidated 2025-12-31pass
statement vs summary · net assetsnon_consolidated 2023-12-31pass
statement vs summary · net assetsnon_consolidated 2024-12-31pass
statement vs summary · net assetsnon_consolidated 2025-12-31pass
statement vs summary · net income attributable to parentconsolidated 2024-01-01/2024-12-31pass
statement vs summary · net income attributable to parentconsolidated 2025-01-01/2025-12-31pass
statement vs summary · operating cash flowconsolidated 2024-01-01/2024-12-31pass
statement vs summary · operating cash flowconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenueconsolidated 2024-01-01/2024-12-31pass
statement vs summary · revenueconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenuenon_consolidated 2024-01-01/2024-12-31pass
statement vs summary · revenuenon_consolidated 2025-01-01/2025-12-31pass
statement vs summary · total assetsconsolidated 2024-12-31pass
statement vs summary · total assetsconsolidated 2025-12-31pass
statement vs summary · total assetsnon_consolidated 2024-12-31pass
statement vs summary · total assetsnon_consolidated 2025-12-31pass